Stocks are back at all time high – or at least all the major indices are. 

Just today alone:

S&P 500 (SPX): New all-time highs

Nasdaq (COMPQ): Crushing New all-time highs

Dow Jones Industrial Average (DJIA): Right at New all-time highs

Russell 2000 (RUT): Bull flag at the all-time highs 

But under the surface the breadth isn’t very good with only 58% of stocks trading above their 40-day moving average. In a strong bull market, this should be over 80%. Breadth in recent days hasn’t been really good either. On Wednesday, though, during the sell-off, the bears had an unheard of 6:1 advantage. 

Take today’s price action and the bulls have a 17:11 advantage. Not somethign to really write home about. The Dow only has 13 of 30 stocks trading in the positive today. 

Nonetheless, the market persisted. 

Now, lets talk about this week’s SharePlanner Reversal Indicator. We are only two weeks in, on a solid bearish reversal, but like so many that we have seen before, it looks more determined to simply trade sideways, or just ignore it all together and keep establishing new all-time highs day-after-day. 

Either way, I won’t be surprised. 

Here is the SharePlanner Reversal Indicator:

shareplanner reversal indicator 10 27 17

You Might Like

  • The rise of the retail trader in the stock market.

    The Retail Trading Revolution: How Small Investors Are Reshaping the Stock Market

  • fading the gap

    Fading the Gap: How Large Overnight Moves in SPY and QQQ Play Out During the Trading Day

  • how to trade a bear flag

    How to Trade a Bear Flag